Has America Just Been Sold (Out)?

[barts]

The HousingPANIC blogger is saying that The end of America as you knew it is at hand. It was a good 232 year run. But it was stolen in the night.

The Patriot Act of Finance, otherwise known as Paulson's $700 billion bailout bill, if passed in its present form will be the nail in the coffin for an America by, for and of the people. Just like the Patriot Act appeared to be written before 9/11, so does this Patriot Act of Finance appear to be written before the housing crash. And yes, both were rushed through a panicked Congress and complacent media in the middle of the night. A nation founded by the people, for the people will be given to a very select group of bankers. Legally. Without a shot fired. Because Americans were too distracted and too dumb to know what was going on.

This is a dire characterization. Is it true? The last time that I recall commercial interests totally overrunning a country and bleeding its resources and people was during the British Raj in India. Is that what America has become?

After 9/11 Americans were stripped of their legal rights. This September, they have been stripped of their money.

[Wonderblob]

Hey Barts
I have been saying for a long time that Bush is selling the American people to the corporations. If they pull this off we have been sold into slavery.


Here is an interesting link.
George Washington's Blog: We Have DAYS To Stop the $700 Billion Stick-Up (and Fascist Power Grab)

[jose]

The man who made a personal $3.7bn (£1.85bn) fortune by predicting the credit crisis is hoping to make another killing by helping to prop up financial companies brought to the brink of ruin by the chaos in the debt markets. John Paulson, who went from being an obscure Manhattan hedge fund manager to one of the financial world's hottest properties last year, is raising a new fund that will invest in banks, insurance companies and other financial institutions as they rebuild their battered balance sheets. Financial companies have written off more than $460bn since the collapse in the debt markets began last summer, and Mr Paulson believes that is barely one-third of the final total that will be lost. At a conference in Monaco last month, he said writedowns could ultimately reach $1.3 trillion.

Paulson hedge fund now looks to buy banks - Business News, Business - The Independent
If you say no! is it Rape? not if they put in a clause saying thats not valid

One of the little quirks in the proposed $700 billion financial bailout legislation is that the bill would prevent judicial review of actions taken within the scope of the legislation. Those drafting the legislation are trying to avoid court challenges to actions taken while executing the this bailout legislation. This is likely to open a "huge can of worms" and it poses some series constitutional issues that can have huge ramifications for future legislation. In short, the proposed financial bailout legislation is being designed to prevent citizens from taking legal action to block the purchases and (hopefully) sales of the most toxic mortgage backed securities. Unfortunately for Congress, legislation that restricts judicial review has been deemed unconstitutional in a number of cases going all the way back to the 1803 case of Marbury v. Madison. Thus, while Congress is attempting to prevent individual lawsuits from gumming up the process of buying and selling the questionable securities, it is risking that the entire law itself will be ruled unconstitutional and will be put on hold. This will most likely occur first in lower courts which will almost assuredly have challenges put in front of them almost immediately. If a lower court rules the 2008 Bailout legislation to be unconstitutional because of limits on judicial review this "emergency" legislation may quickly get put into neutral.

Those Pushing the Mortgage Bailout Legislation need a short lesson in Constitutional Law

[Wonderblob]

Everyone call their congressional leaders tomorrow and demand they not support this final takeover of our country.

here another link you should read.
Larisa Alexandrovna: Welcome to the final stages of the coup...

[Wonderblob]

here is another one

HousingPANIC - The Housing Bubble and Credit Crisis Blog with an Attitude Problem: The end of America as you knew it is at hand. It was a good 232 year run. But it is about to be stolen in the night.

[Morality Games]

As much as I think corporations embody badness, I have to ask -- which is more cost effective, bailing these corporations out or allowing them to collapse totally? By cost effective, I mean which is better for the overall, long term prosperity of the American people.

[grandpa]

Quote by: Morality Games As much as I think corporations embody badness, I have to ask -- which is more cost effective, bailing these corporations out or allowing them to collapse totally? By cost effective, I mean which is better for the overall, long term prosperity of the American people.

When it comes to the economy, I think it will only be peaceful and free
if it avoids bringing all sovereign power to "the center." Unfortunately, it seems the opposite route will be traveled by our "homeland" in the future.

Grandpa h.

[Morality Games]

Quote by: grandpa When it comes to the economy, I think it will only be peaceful and free if it avoids bringing all sovereign power to "the center." Unfortunately, it seems the opposite route will be traveled by our "homeland" in the future. Grandpa h.

A peaceful and free market? A contradiction in terms. Marketing equates with perpetual war and the subjection of one's enemies.

[grandpa]

Quote by: Morality Games A peaceful and free market? A contradiction in terms.

But free trade can be peaceful, so long as it is not codeword for a capitalist ruling class. I would argue that "free market capitalism" is a tremendous contradiction in terms, but people can indeed trade things peacefully. I do it sometimes myself. For example, I recently traded CD's with some guy from Japan. We both make really weird music, and it worked out reasonably well. There was no altercation.

Anyway, I like how Naomi Klein explained the current situation:
"During boom times, it's profitable to preach laissez faire, because an absentee government allows speculative bubbles to inflate. When those bubbles burst, the ideology becomes a hindrance, and it goes dormant while big government rides to the rescue. But rest assured: the ideology will come roaring back when the bailouts are done. The massive debts the public is accumulating to bail out the speculators will then become part of a global budget crisis that will be the rationalisation for deep cuts to social programmes, and for a renewed push to privatise what is left of the public sector. We will also be told that our hopes for a green future are, sadly, too costly."

Naomi Klein: Free market ideology is far from finished | Comment is free | guardian.co.uk

Grandpa h.

[Sandy]

Anyone interested in a no bail out action?

Vote No Bailout!

[Apologist]

Quote by: Sandy Anyone interested in a no bail out action? Vote No Bailout!

This is one of the most absurd things I've seen. There should be no bail out.

What's next.......there will be no end to this buyout. Especially in this day in age. It's the second step towards socialism.